Technically no. a lot of people over time have argued in forums over this, but Blizz doesn't really see they should to change this I don't often agree, but this time I do).

For people that play WoW mainly for pvp (not raiding, questing). Mainly, bg, arena, RBG's, etc. - The concept in pvp versus pve (besides killing NPC's) is that CP's is essentially something that is earned over the season by constantly, constantly pvping. Good analogy is like looking at it (from arena and RBG's perspective) like HS football, track, or baseball. People have warm ups, they are competing with other teams over the season then go on to championships. (where bigger prizes are). These are the hard core pvper's.

For people who raid it's different, the outlet is easier to achieve and get VP from. You go into dungs, LFR, guilds go do normal/heroic raids. This can be easier to achieve VP from. Hell, I can spend a day doing scenerios, LFR, daileis, etc and get capped in a short time span.

There is alot more work in pvp to acquire the gear, then to simply have expendable VP to convert over. It would make it way to easy for people to acquire the top pvp gear, when alot of players spend a majority of Wow already practicing, teaming, and being skilled over a long period time.

Another thing to keep in mind, Blizz conditioned pvp now so that causal players (mainly that pve) can have a chance to come into a bg, have a few matches, and not feel like that are being bull dozed. They wanted to give players (based on pvp gear) a chance to have some level to other high end pvpers to play (link in bgs, arenas).

It biold down to why would I a player want to have an easy chance at average - hardcore pvp gear, when all I can is trade them in? If that was the case, pvper's would que for lfr (water that down), get capped, then trade them in, then arena to finish off their week. It wouldn't be practical.

I would like to see the conversion of VP>CP to come back. Helped with life really.

He slipped out of his royal garments, left eternity to enter time, divinity to wrap himself in humanity.
The sea of glass, for the ocean of separation. He left peace, and for the first time felt pain.
Because the very hands that held the stars were now sentenced to wear my scars.